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8/05/2005

Economic Report: U.S. jobs cuts accelerating

Source: Workers Independent NewsU.S. jobs are being slashed at a torrid pace - expected to top one million this year alone, according to a private survey by Challenger and Gray. In June and July planned U.S. jobs cuts exceeded one hundred thousand in each month. Job cuts are 18 percent higher this year than last. If this pace holds, this year will be the fifth consecutive year that more than a million jobs were cut. The auto industry so far leads the field in jobs cuts - with more than 72,000 announced this year.